Port of Seattle bonds upgraded to AAA

Port of Seattle bonds upgraded to AAA    Standard and Poor’s has upgraded its rating of the Port of Seattle’s general obligation bonds to the highest rating the agency grants, the port said in a statement Thursday.
   S&P cited the port’s “stellar operations and financial management,” as a reason for the upgrade from “AA+” to “AAA.”
   The rating is the result of a review of the port’s finances in advance of the issuance of $64 million of general obligation bonds that will refinance previously issued bonds.
   Under guidelines approved by the port commission Tuesday, the new bonds will be issued only if the interest rate is 5.5 percent or less and the savings realized is 5 percent or more. Based on current market conditions, the port expects to save nearly $6 million as a result of the refinancing.